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Proceedings of the stockholders of the North Carolina Rail Road Company

Proceedings of the ... annual meeting of the stockholders of the North Carolina Rail Road Company

Wyt TLibtav?
of tfje
��nibergttp ofigortij Carolina
Collection of J^ortfj Carolmtana
Cnbotoeb 6p
STofw g>prtmt ^tH
of fljeClaftSof 1889
csssm
rtg?p
S50-b& .C.7L
"*-*ir!
00032740605
This book must not
be taken from the
Library building
25W4I IT
SEP 281948
nfi'
PROCEEDINGS
OF THE
THIRD ANNUAL MEETING
OP THE
STOCKHOLDERS OF THE NORTH CAROLINA
RAIL ROAD COMPANY,
HELD IN RALEIGH
ON THE 8th AND 9th DAYS OF JULY, 1852.
GREENSBORO':
SAMUEL W. JAMES, PRINTER.
1852.
NORTH CAROLINA
RAIL ROAD.
ANNUAL MEETING
OF THE
STOCKHOLDERS OF THE NORTH CAROLINA
RAIL ROAD COMPAIY.
Kaleigh, July 8, 1852.
Tiie Stockholders of the North Carolina Kail Eoad
Company met in the Hall of the House of Commons,
in the City of Kaleigh, on Thursday, July 8, 1852.
On motion, by the Hon. K. M. Saunders, Calvin
Graves, Esq. of Caswell County, was selected to be
Chairman of the present meeting.
Messrs. Alfred Williams and Ciiaeles Phillips,
were selected to be its Secretaries.
On motion, by Dr. F. J. Hill, the Secretaries of this
meeting, and the Treasurer of the Company, were
appointed a Committee to ascertain what stock was
represented by its owners and what by proxy ; and the
NORTH CAROLINA
Committee was authorized to receive any form of proxy
which they were sure was authentic, although it might
not be after the form suggested at the meeting in
Greensborougli, in 1851.
The Committee to report the number of Stockhold-ers
present, with the amount of stock that was repre-sented
in person or by proxy, declared that there were
two hundred and eighty-two Stockholders present
—
that three thousand seven hundred and fifteen shares
were represented in person, and three thousand seven
hundred and eighty-six shares by proxy ; in all seven
thousand five hundred and one shares.
On motion, the President of the Company presented
and read his Report of the proceedings of the Board of
Directors of the Company during the year just ended.
It was as follows
:
REPORT
Of the President and Directors of the North Carolina
Rail Road Company to the /Stockholders, at the Annual
Meeting, held in Raleigh, Sth July, 1852.
Gentlemen—Since the last annual meeting of your body
at Greensborougli, contracts for grading the balance of the
road, which had not been previously let, have been made,
and the whole line is now under contract. A large force
is now employed throughout its whole extent, and the pro-gress
of the grading and of the masonry for drains, culverts,
&c, is very satisfactory.
Contracts for the masonry of the bridges have been made
at satisfactory prices, and in a few instances the superstruc-ture
has likewise been let.
RAIL ROAD.
It will be recollected that this Board was authorized to
contract for the entire completion of that portion of the road
embraced within the limits of the first division, which ex-tends
from the Wilmington and Raleigh Railroad to a point
some six and a half miles west of the city of Raleigh, pro-vided
the contract could be let at the original estimates of
the Engineer. This contract has been taken by John C.
McRae & Co., at those estimates ; and they are required to
have the contract completed by the first day of January, 1854-,
with a T rail of the best English iron, weighing sixty pounds
per linear yard. From the progress this company is making,
the Board have every confidence in their full compliance
with their contract.
The completion of the Charlotte and South Carolina Rail-road
within the present year will give a railroad connection
between the South-Western terminus of this road and the
City of Charleston. In view of the facilities for transporta-tion
of iron which this connection offers, and with the earnest
desire to hasten the completion of the work, the contractors
for the last contracts let near Charlotte are required to finish
their grading by the first of January, 1853. So that the
superstructure on that end of the road may be commenced
at an early day.
Should the several links now wanting, be completed, which
will unite the North Carolina Railroad with the town of
Portsmouth by a continuous railway, another opportunity
will present itself to procure the iron on the line of this road:
and no good reason is now foreseen why the superstructure
from Raleigh westward, may not be commenced at an early
day. From ihe rapid progress of the grading, the Board
have no doubt that every part of the Road will be ready for
its superstructure, as fast as the iron can be delivered and
laid down along the line of the Road.
NORTH CAROLINA
From the efforts that are making all around ns, to draw
the commerce of this and the "Western States in other direc-tions
than to our own seaports, it behooves us promptly,
energetically, forthwith to intercept those streams of trade,
and give them their natural direction eastward.
North Carolina should not be looked upon as a strip of
land across which roads may be constructed toother seaports
than our own, but she should be looked upon as she is, a
great channel leading Eastward, down which the vast pro-ducts
of the "West will float and find their nearest, cheapest,
and most direct route to the Ocean.
The North Carolina Rail Road is the great worli, which,
if properly managed and directed, will bring about these
vast results.
By the terms of the lettings, most of the Contractors were
required to commence their contracts by the 1st of Janua-ry
last.
Notwithstanding the great scarcity and consequent high
prices of provisions, and the additional fact that no pecuniary
aid has yet been afforded to the contractors, they have in
most instances pressed forward with their work in an ener-getic
manner, and with a patriotic determination worthy of
all commendation.
The bi-monthly estimates of the Engineers resident on the
contracts, for the work actually done up to the first of July
instant, amounts to the sum of $292,366 92, and we may in-fer
what will be the progress of the work during the remain-der
of the year from the force employed upon it on the 1st
instant. From exhibit A, hereto attached, it will be seen
that the force consisted of 1455 men, 403 boys, 500 carts, 50
wagons, 786 horses and mules, and 44 oxen. It is fair to
presume that this force will be augmented. Crops are now
,
HAIL ROAD.
laid by, and more hands can be spared from the farms ; an
abundant harvest secured, and the prospect of a large crop,
it is to be hoped, will cheapen the price of provisions.
This Board feel that they would not be doing justice to the
contractors, in view of all the oppressive difficulties they
have had to encounter, to withhold the expression of their
profound admiration of the zeal with which they entered
upon this great work, and the indomitable energy with which
they have prosecuted the same.
Their operations present an anomily in Rail Road build-ing—
to do the work first, and to receive the means to do it
with, afterwards.
It will be recollected that the terms upon which the con-tracts
were let, gave the contractors no money for their work,
until the first half million of dollars subscribed by the State
should be paid into the treasury of the Company. By the
terms of the Charter of this Company, the State is not au-thorized
to become a subscriber to its stock until a half mil-lion
of dollars shall have been paid into the treasury of the
Company by individual stockholders.
The Directors deeming it very important to hasten the
period of the State's subscription, have called upon the indi-vidual
stockholders within the present year for four install-ments
of 10 per cent, each, which, with the 5 per cent, paid
in at the time of the subscription, makes forty-five per cent.,
which has been required upon the individual stock. Upon
these recpiisitions there has been paid into the treasury up
to the 8th instant the sum of $2-15,170, leaving $11:7,606 92
of estimates for work done, yet to be applied.
It is to be hoped that the stockholders, at their present
meeting will devise the means, without oppression to them-selves,
to raise the balance of the half million required of
\ -
NORTH CAROLINA
stockholders, that the State may be brought in at an early
day. Every consideration of justice and of right demands
that this should be done—many of our contractors are men
of moderate means ; patriotism, not profit, was the moving
cause to their liberal subscriptions ; and that the great work
might be driven forward to a speedy completion, undismay-ed
by the difficulties they knew they must encounter, they
have taken contracts which they have prosecuted with un-equaled
energy and perseverance, until their means are ex-hausted
and their credit straitened. Shall such exertions as
these faint by the way for the means of support I Shall such
patriotism as this fall a victim to its zeal in so good a cause?
Never! never!! But give to their laborious exertions
prompt and proper reward—they ask no more.
The Board, through their President, have had an exten-sive
correspondence on the subject of Eailroad Iron, from
which it will be seen that during the past winter and spring
T rails of the best English iron, 60 lbs. to the linear yard,
could be delivered at our ports, free of all charge, at from
$39 to $40 50 per ton ; but as it was sometime before the
iron would be needed, and not much probability of any in-crease
of duty thereon during the present year, it was deem-ed
unnecessary to contract for the rails before this time.
The Board likewise made an order for the purchase of two
Locomotives, with accompanying trains of cars for each, to
facilitate the transportation of iron along the line of the
Eoad during its construction. These purchases will be made
as soon as they will be needed for use.
The Committee of Finance appointed at your last meeting,
have given the subject referred to them a thorough investi-gation.
Every facility for a minute investigation was afford-
RAIL ROAD.
ed them, and their filed report, it is presumed, will "be en-tirely
satisfactory. The report of the Treasurer to the Board
of Directors at the quarterly meeting held on the 6th instant
will show the state of the funds in his hands.
As many of the contractors have not made the application
of their estimates to the payment of their stock prior to the
1st instant, but have done so since, and are still doing so
;
and as many of the stockholders will avail themselves of the
present meeting to pay their installments in cash, if desira-ble
to know, during your present meeting the exact amount
which has been paid into the Treasury ivpon stock, it will be
necessary to appoint a committe to ascertain the amount paid
in since the 1st instant.
Exhibit B,hereto attached, shows the names of the Engi-neers
and officers in the employment of the company, and
the salaries paid the same.
All of which is respectfully submitted.
JOHN M. MOREHEAD,
Pres. N. C. Rail Road.
EXHIBIT A.
STATEMENT OF THE FORCE EMPLOYED ON THE NORTH CAROLINA
RAIL ROAD, JULY 1, 1852.
Division.
10 NORTH CAROLINA
EXHIBIT B.
FIRST DIVISION.
James Miller, Prin. Asst. Engineer, salary per year, $1,800 00
Fleming Gardner, Assistant Engineer, 1,000 00
F. F. L' Engle " " 720 00
W. H. Stith, « " 800 00
George G. Dixson, " " 1;200 00
SECOND DIVISION.
Theod. S. Garnet, Prin. Assist. Engineer, salary pr year, $1,800 00
Frank Saunders, Assistant Engineer, 1,000 00
R. P. Atkinson, " " 1,000 00
J. C. Turner, « « 1,200 00
W. P. Taylor, « « 800 00
W. Gill, " « 1,200 00
Fr. Strudwick, Rodman, 365 00
L. C. Jones, " 365 00
THIRD DIVISON.
J. L. Gregg, Prin. Assist. Engineer, salary, per year, $1,800 00
Samuel Dale, Assistant Engineer, 1,200 00
J. S. Morrison, " " 1,000 00
N. Mendenhall, " " 720 00
W. P. Moore, " « 720 00
R. E. B. Hewitson, Rodman, 300 00
J. D. dimming, " 240 00
II. A. Burton, " 204 00
( 'O
.
RAIL ROAD. 11
EXHIBIT B.—Continued.
FOU11TH DIVISON.
John McRae, Prin. Assist. Engineer, salary per year, $1,800 00
A Sears, Assistant Engineer, 1,200 00
J. Campbell, " " 1,000 00
II. McRae, " « 800 00
T. J. Sumner, " " 800 00
D. H. Kennedy, " " 1,200 00
W. B. Graham, Rodman, 365 00
J. M. Jones, « 365 00
Samuel C. Forbes, superintendent of Masonry, $2-_ a day, and 820
a month for tavelling expenses.
John M. Morehead, President, salary, $2,500 00
Cyrus P. Mendenhall, Secretary and Treasurer, 1,250 00
Walter G-wynn, Chief Engineer, 3,000 00
On motion, the Report of the President was receiv-ed,
and ordered to be printed with the proceedings of
this meeting;.
On motion, Charles L. Hinton, John U. Kirkland,
and John A. Gilmer, were appointed a Committee to
carry out the suggestions made in the Report of the
President.
On motion, it was
Resolved, That during the recess, each of the districts
formed at the meeting in Salisbury, in 1850, select an indi-viduals
to be nominated for Directors in said districts.
The meeting then took a recess until half past two
o'clock, P. M.
. , . - .1
12 NORTH CAROLINA
Half Past 2 o'clock, P. M.
On motion, the Stockholders proceeded to vote for
Directors to serve for the ensuing year. Messrs. J. A.
Gilmer and Giles Mebane, were appointed to superin-tend
the ballotting. On counting the votes given, it
appeared that the following gentlemen were elected
Directors of the North Carolina Rail Road Company,
until July, 1853.
WILLIAM C. MEANS, of Cabarrus,
JOHN W. ELLIS, of Rowan,
D. A. DAVIS, "
THOMAS J. WILSON, of Forsvthe,
JOHN W. THOMAS, of Davidson,
JOHN M. MOREHEAD, of Guilford,
Col. CADWALLADER JONES, of Orange,
EDWIN M. HOLT, Sen., of Alamance,
ROMULUS M. SAUNDERS, of Wake,
ALONZO T. JERKINS, of Craven,
FREDERICK J. HILL, of New Hanover,
JOHN A. GILMER, of Guilford.
On motion, the By-Law directing the Treasurer to
deposit the money of the Company in the Bank of the
State at Raleigh, and in the Branch Bank of Cape Fear,
at Salisbury, was amended so as to read, " and in the
Branches of the Bank of Cape Fear at Salisbury and
at Greensborough.
On motion, five hundred copies of the proceedings of
this meeting were ordered to be printed for the use of
the Stockholders.
RAIL ROAD. 13
After some discussion concerning points presented in
the Report of the President, the meeting adjourned
until Friday the 9th July.
Friday, July 9, 1852.
The Stockholders met this morning at nine o'clock,
according to adjournment—the meeting being called to
order by the Chairman, the proceedings of yesterday
were then read.
Mr. Kirkland, Chairman of the Committee appointed
on yesterday in relation to the Report of the President,
made a report which was ordered to be spread on the
minutes, as follows
Raleigh, July 9, 1852.
The Committee appointed to ascertain the amount of stock
paid into the Treasury, have ascertained the same, and re-port
as follows
:
Estimates for work done since the
work commenced, $292,366 92
First installment, $50,000 00
Cash received to 1st July, 1852, 45,830 00
" " from 1st " to the 9th, 4,580 00—100,410 00
$392,776 92
Installments paid in cash and work
and applied to 1st July, 1852, $92,790 00
Installments since 1st July, 1852 102,380 00
First installment, 50,000 00—245,170 00
"Work done not yet applied, $147,606 92
JOHN U. KIRKLAND.
14 NOETH CAROLINA
On motion, it was
Resolved, That in justice to such of the Stockholders of
this Company as have paid their subscriptions either in mo-ney
or by work, the amount due by such Stockholders as
shall be in default thirty days from this time, shall be forth-with
collected, if practicable, and that in all such cases, in-terest
be rigidly exacted ; Provided, however, that nothing
in this resolution shall prevent the Board of Directors from
the exercise of a proper discretion in favor of persons hav-ing
contracts, and who under previous assurances have exe-cuted
and are prepared to pay their stock in work.
The Finance Committee made a report concerning
the Treasurer's books, an abstract of which was order-ed
to be prepared and published with these proceed-ings
:
TEEAStTEEE'S BOOKS.
Abstract of the Report of the Auditing Committee.
The Committee appointed to examine the Treasurer's
books find that Jeduthun II. Lindsay, former Treasurer,
Received the first installment, $50,000 00
" for property sold, hoi'ses wagons, &c, 191 32—50,191 82
Expended during his official term, 28,888 01i
Leaving in the Treasury $21,808 30|
Which came into the hands of Cyrus P. Menden-hall,
present Treasurer, and that he has also
received of second installment, $34,090 00
Received on third installment, 29,490 00
fourth " 23,180 00
fifth " 4,370 00
" sixth and seventh installments * 1,660 00—92,790 00
$114,093 30£
Amount received for sale of Tents, Auger, &c, 110 36
$114,203 66$
That he has expended and has vouchers for 89,737 49
Leaving in the Treasury on the first of July, 1852, $24,466 \"t\
•*These last, sixth and seventh, were not due, but received and numbered in
in that way, being ten per cent, for each installment.
HAIL ROAD. 15
$48,551
16 NORTH CAROLINA RAIL ROAD.
efficient and impartial maner in which he has discharged
the duties of the Chair.
Resolved, That the thanks of the Stockholders are hereby
returned to the Secretaries for their efficient services.
A vote of thanks was also tendered to Mr. Kiny, the
superintendent of the Capitol, who was in attendance on
the meeting.
On motion, the Chairman then declared the meeting ad-journed,
sine die.
CALVIN GEAYES, Chairman
A. "Williams,
Charles Phillips,
/Secretaries.

Wyt TLibtav?
of tfje
��nibergttp ofigortij Carolina
Collection of J^ortfj Carolmtana
Cnbotoeb 6p
STofw g>prtmt ^tH
of fljeClaftSof 1889
csssm
rtg?p
S50-b& .C.7L
"*-*ir!
00032740605
This book must not
be taken from the
Library building
25W4I IT
SEP 281948
nfi'
PROCEEDINGS
OF THE
THIRD ANNUAL MEETING
OP THE
STOCKHOLDERS OF THE NORTH CAROLINA
RAIL ROAD COMPANY,
HELD IN RALEIGH
ON THE 8th AND 9th DAYS OF JULY, 1852.
GREENSBORO':
SAMUEL W. JAMES, PRINTER.
1852.
NORTH CAROLINA
RAIL ROAD.
ANNUAL MEETING
OF THE
STOCKHOLDERS OF THE NORTH CAROLINA
RAIL ROAD COMPAIY.
Kaleigh, July 8, 1852.
Tiie Stockholders of the North Carolina Kail Eoad
Company met in the Hall of the House of Commons,
in the City of Kaleigh, on Thursday, July 8, 1852.
On motion, by the Hon. K. M. Saunders, Calvin
Graves, Esq. of Caswell County, was selected to be
Chairman of the present meeting.
Messrs. Alfred Williams and Ciiaeles Phillips,
were selected to be its Secretaries.
On motion, by Dr. F. J. Hill, the Secretaries of this
meeting, and the Treasurer of the Company, were
appointed a Committee to ascertain what stock was
represented by its owners and what by proxy ; and the
NORTH CAROLINA
Committee was authorized to receive any form of proxy
which they were sure was authentic, although it might
not be after the form suggested at the meeting in
Greensborougli, in 1851.
The Committee to report the number of Stockhold-ers
present, with the amount of stock that was repre-sented
in person or by proxy, declared that there were
two hundred and eighty-two Stockholders present
—
that three thousand seven hundred and fifteen shares
were represented in person, and three thousand seven
hundred and eighty-six shares by proxy ; in all seven
thousand five hundred and one shares.
On motion, the President of the Company presented
and read his Report of the proceedings of the Board of
Directors of the Company during the year just ended.
It was as follows
:
REPORT
Of the President and Directors of the North Carolina
Rail Road Company to the /Stockholders, at the Annual
Meeting, held in Raleigh, Sth July, 1852.
Gentlemen—Since the last annual meeting of your body
at Greensborougli, contracts for grading the balance of the
road, which had not been previously let, have been made,
and the whole line is now under contract. A large force
is now employed throughout its whole extent, and the pro-gress
of the grading and of the masonry for drains, culverts,
&c, is very satisfactory.
Contracts for the masonry of the bridges have been made
at satisfactory prices, and in a few instances the superstruc-ture
has likewise been let.
RAIL ROAD.
It will be recollected that this Board was authorized to
contract for the entire completion of that portion of the road
embraced within the limits of the first division, which ex-tends
from the Wilmington and Raleigh Railroad to a point
some six and a half miles west of the city of Raleigh, pro-vided
the contract could be let at the original estimates of
the Engineer. This contract has been taken by John C.
McRae & Co., at those estimates ; and they are required to
have the contract completed by the first day of January, 1854-,
with a T rail of the best English iron, weighing sixty pounds
per linear yard. From the progress this company is making,
the Board have every confidence in their full compliance
with their contract.
The completion of the Charlotte and South Carolina Rail-road
within the present year will give a railroad connection
between the South-Western terminus of this road and the
City of Charleston. In view of the facilities for transporta-tion
of iron which this connection offers, and with the earnest
desire to hasten the completion of the work, the contractors
for the last contracts let near Charlotte are required to finish
their grading by the first of January, 1853. So that the
superstructure on that end of the road may be commenced
at an early day.
Should the several links now wanting, be completed, which
will unite the North Carolina Railroad with the town of
Portsmouth by a continuous railway, another opportunity
will present itself to procure the iron on the line of this road:
and no good reason is now foreseen why the superstructure
from Raleigh westward, may not be commenced at an early
day. From ihe rapid progress of the grading, the Board
have no doubt that every part of the Road will be ready for
its superstructure, as fast as the iron can be delivered and
laid down along the line of the Road.
NORTH CAROLINA
From the efforts that are making all around ns, to draw
the commerce of this and the "Western States in other direc-tions
than to our own seaports, it behooves us promptly,
energetically, forthwith to intercept those streams of trade,
and give them their natural direction eastward.
North Carolina should not be looked upon as a strip of
land across which roads may be constructed toother seaports
than our own, but she should be looked upon as she is, a
great channel leading Eastward, down which the vast pro-ducts
of the "West will float and find their nearest, cheapest,
and most direct route to the Ocean.
The North Carolina Rail Road is the great worli, which,
if properly managed and directed, will bring about these
vast results.
By the terms of the lettings, most of the Contractors were
required to commence their contracts by the 1st of Janua-ry
last.
Notwithstanding the great scarcity and consequent high
prices of provisions, and the additional fact that no pecuniary
aid has yet been afforded to the contractors, they have in
most instances pressed forward with their work in an ener-getic
manner, and with a patriotic determination worthy of
all commendation.
The bi-monthly estimates of the Engineers resident on the
contracts, for the work actually done up to the first of July
instant, amounts to the sum of $292,366 92, and we may in-fer
what will be the progress of the work during the remain-der
of the year from the force employed upon it on the 1st
instant. From exhibit A, hereto attached, it will be seen
that the force consisted of 1455 men, 403 boys, 500 carts, 50
wagons, 786 horses and mules, and 44 oxen. It is fair to
presume that this force will be augmented. Crops are now
,
HAIL ROAD.
laid by, and more hands can be spared from the farms ; an
abundant harvest secured, and the prospect of a large crop,
it is to be hoped, will cheapen the price of provisions.
This Board feel that they would not be doing justice to the
contractors, in view of all the oppressive difficulties they
have had to encounter, to withhold the expression of their
profound admiration of the zeal with which they entered
upon this great work, and the indomitable energy with which
they have prosecuted the same.
Their operations present an anomily in Rail Road build-ing—
to do the work first, and to receive the means to do it
with, afterwards.
It will be recollected that the terms upon which the con-tracts
were let, gave the contractors no money for their work,
until the first half million of dollars subscribed by the State
should be paid into the treasury of the Company. By the
terms of the Charter of this Company, the State is not au-thorized
to become a subscriber to its stock until a half mil-lion
of dollars shall have been paid into the treasury of the
Company by individual stockholders.
The Directors deeming it very important to hasten the
period of the State's subscription, have called upon the indi-vidual
stockholders within the present year for four install-ments
of 10 per cent, each, which, with the 5 per cent, paid
in at the time of the subscription, makes forty-five per cent.,
which has been required upon the individual stock. Upon
these recpiisitions there has been paid into the treasury up
to the 8th instant the sum of $2-15,170, leaving $11:7,606 92
of estimates for work done, yet to be applied.
It is to be hoped that the stockholders, at their present
meeting will devise the means, without oppression to them-selves,
to raise the balance of the half million required of
\ -
NORTH CAROLINA
stockholders, that the State may be brought in at an early
day. Every consideration of justice and of right demands
that this should be done—many of our contractors are men
of moderate means ; patriotism, not profit, was the moving
cause to their liberal subscriptions ; and that the great work
might be driven forward to a speedy completion, undismay-ed
by the difficulties they knew they must encounter, they
have taken contracts which they have prosecuted with un-equaled
energy and perseverance, until their means are ex-hausted
and their credit straitened. Shall such exertions as
these faint by the way for the means of support I Shall such
patriotism as this fall a victim to its zeal in so good a cause?
Never! never!! But give to their laborious exertions
prompt and proper reward—they ask no more.
The Board, through their President, have had an exten-sive
correspondence on the subject of Eailroad Iron, from
which it will be seen that during the past winter and spring
T rails of the best English iron, 60 lbs. to the linear yard,
could be delivered at our ports, free of all charge, at from
$39 to $40 50 per ton ; but as it was sometime before the
iron would be needed, and not much probability of any in-crease
of duty thereon during the present year, it was deem-ed
unnecessary to contract for the rails before this time.
The Board likewise made an order for the purchase of two
Locomotives, with accompanying trains of cars for each, to
facilitate the transportation of iron along the line of the
Eoad during its construction. These purchases will be made
as soon as they will be needed for use.
The Committee of Finance appointed at your last meeting,
have given the subject referred to them a thorough investi-gation.
Every facility for a minute investigation was afford-
RAIL ROAD.
ed them, and their filed report, it is presumed, will "be en-tirely
satisfactory. The report of the Treasurer to the Board
of Directors at the quarterly meeting held on the 6th instant
will show the state of the funds in his hands.
As many of the contractors have not made the application
of their estimates to the payment of their stock prior to the
1st instant, but have done so since, and are still doing so
;
and as many of the stockholders will avail themselves of the
present meeting to pay their installments in cash, if desira-ble
to know, during your present meeting the exact amount
which has been paid into the Treasury ivpon stock, it will be
necessary to appoint a committe to ascertain the amount paid
in since the 1st instant.
Exhibit B,hereto attached, shows the names of the Engi-neers
and officers in the employment of the company, and
the salaries paid the same.
All of which is respectfully submitted.
JOHN M. MOREHEAD,
Pres. N. C. Rail Road.
EXHIBIT A.
STATEMENT OF THE FORCE EMPLOYED ON THE NORTH CAROLINA
RAIL ROAD, JULY 1, 1852.
Division.
10 NORTH CAROLINA
EXHIBIT B.
FIRST DIVISION.
James Miller, Prin. Asst. Engineer, salary per year, $1,800 00
Fleming Gardner, Assistant Engineer, 1,000 00
F. F. L' Engle " " 720 00
W. H. Stith, « " 800 00
George G. Dixson, " " 1;200 00
SECOND DIVISION.
Theod. S. Garnet, Prin. Assist. Engineer, salary pr year, $1,800 00
Frank Saunders, Assistant Engineer, 1,000 00
R. P. Atkinson, " " 1,000 00
J. C. Turner, « « 1,200 00
W. P. Taylor, « « 800 00
W. Gill, " « 1,200 00
Fr. Strudwick, Rodman, 365 00
L. C. Jones, " 365 00
THIRD DIVISON.
J. L. Gregg, Prin. Assist. Engineer, salary, per year, $1,800 00
Samuel Dale, Assistant Engineer, 1,200 00
J. S. Morrison, " " 1,000 00
N. Mendenhall, " " 720 00
W. P. Moore, " « 720 00
R. E. B. Hewitson, Rodman, 300 00
J. D. dimming, " 240 00
II. A. Burton, " 204 00
( 'O
.
RAIL ROAD. 11
EXHIBIT B.—Continued.
FOU11TH DIVISON.
John McRae, Prin. Assist. Engineer, salary per year, $1,800 00
A Sears, Assistant Engineer, 1,200 00
J. Campbell, " " 1,000 00
II. McRae, " « 800 00
T. J. Sumner, " " 800 00
D. H. Kennedy, " " 1,200 00
W. B. Graham, Rodman, 365 00
J. M. Jones, « 365 00
Samuel C. Forbes, superintendent of Masonry, $2-_ a day, and 820
a month for tavelling expenses.
John M. Morehead, President, salary, $2,500 00
Cyrus P. Mendenhall, Secretary and Treasurer, 1,250 00
Walter G-wynn, Chief Engineer, 3,000 00
On motion, the Report of the President was receiv-ed,
and ordered to be printed with the proceedings of
this meeting;.
On motion, Charles L. Hinton, John U. Kirkland,
and John A. Gilmer, were appointed a Committee to
carry out the suggestions made in the Report of the
President.
On motion, it was
Resolved, That during the recess, each of the districts
formed at the meeting in Salisbury, in 1850, select an indi-viduals
to be nominated for Directors in said districts.
The meeting then took a recess until half past two
o'clock, P. M.
. , . - .1
12 NORTH CAROLINA
Half Past 2 o'clock, P. M.
On motion, the Stockholders proceeded to vote for
Directors to serve for the ensuing year. Messrs. J. A.
Gilmer and Giles Mebane, were appointed to superin-tend
the ballotting. On counting the votes given, it
appeared that the following gentlemen were elected
Directors of the North Carolina Rail Road Company,
until July, 1853.
WILLIAM C. MEANS, of Cabarrus,
JOHN W. ELLIS, of Rowan,
D. A. DAVIS, "
THOMAS J. WILSON, of Forsvthe,
JOHN W. THOMAS, of Davidson,
JOHN M. MOREHEAD, of Guilford,
Col. CADWALLADER JONES, of Orange,
EDWIN M. HOLT, Sen., of Alamance,
ROMULUS M. SAUNDERS, of Wake,
ALONZO T. JERKINS, of Craven,
FREDERICK J. HILL, of New Hanover,
JOHN A. GILMER, of Guilford.
On motion, the By-Law directing the Treasurer to
deposit the money of the Company in the Bank of the
State at Raleigh, and in the Branch Bank of Cape Fear,
at Salisbury, was amended so as to read, " and in the
Branches of the Bank of Cape Fear at Salisbury and
at Greensborough.
On motion, five hundred copies of the proceedings of
this meeting were ordered to be printed for the use of
the Stockholders.
RAIL ROAD. 13
After some discussion concerning points presented in
the Report of the President, the meeting adjourned
until Friday the 9th July.
Friday, July 9, 1852.
The Stockholders met this morning at nine o'clock,
according to adjournment—the meeting being called to
order by the Chairman, the proceedings of yesterday
were then read.
Mr. Kirkland, Chairman of the Committee appointed
on yesterday in relation to the Report of the President,
made a report which was ordered to be spread on the
minutes, as follows
Raleigh, July 9, 1852.
The Committee appointed to ascertain the amount of stock
paid into the Treasury, have ascertained the same, and re-port
as follows
:
Estimates for work done since the
work commenced, $292,366 92
First installment, $50,000 00
Cash received to 1st July, 1852, 45,830 00
" " from 1st " to the 9th, 4,580 00—100,410 00
$392,776 92
Installments paid in cash and work
and applied to 1st July, 1852, $92,790 00
Installments since 1st July, 1852 102,380 00
First installment, 50,000 00—245,170 00
"Work done not yet applied, $147,606 92
JOHN U. KIRKLAND.
14 NOETH CAROLINA
On motion, it was
Resolved, That in justice to such of the Stockholders of
this Company as have paid their subscriptions either in mo-ney
or by work, the amount due by such Stockholders as
shall be in default thirty days from this time, shall be forth-with
collected, if practicable, and that in all such cases, in-terest
be rigidly exacted ; Provided, however, that nothing
in this resolution shall prevent the Board of Directors from
the exercise of a proper discretion in favor of persons hav-ing
contracts, and who under previous assurances have exe-cuted
and are prepared to pay their stock in work.
The Finance Committee made a report concerning
the Treasurer's books, an abstract of which was order-ed
to be prepared and published with these proceed-ings
:
TEEAStTEEE'S BOOKS.
Abstract of the Report of the Auditing Committee.
The Committee appointed to examine the Treasurer's
books find that Jeduthun II. Lindsay, former Treasurer,
Received the first installment, $50,000 00
" for property sold, hoi'ses wagons, &c, 191 32—50,191 82
Expended during his official term, 28,888 01i
Leaving in the Treasury $21,808 30|
Which came into the hands of Cyrus P. Menden-hall,
present Treasurer, and that he has also
received of second installment, $34,090 00
Received on third installment, 29,490 00
fourth " 23,180 00
fifth " 4,370 00
" sixth and seventh installments * 1,660 00—92,790 00
$114,093 30£
Amount received for sale of Tents, Auger, &c, 110 36
$114,203 66$
That he has expended and has vouchers for 89,737 49
Leaving in the Treasury on the first of July, 1852, $24,466 \"t\
•*These last, sixth and seventh, were not due, but received and numbered in
in that way, being ten per cent, for each installment.
HAIL ROAD. 15
$48,551
16 NORTH CAROLINA RAIL ROAD.
efficient and impartial maner in which he has discharged
the duties of the Chair.
Resolved, That the thanks of the Stockholders are hereby
returned to the Secretaries for their efficient services.
A vote of thanks was also tendered to Mr. Kiny, the
superintendent of the Capitol, who was in attendance on
the meeting.
On motion, the Chairman then declared the meeting ad-journed,
sine die.
CALVIN GEAYES, Chairman
A. "Williams,
Charles Phillips,
/Secretaries.